{"id":91093,"date":"2025-11-17T12:00:05","date_gmt":"2025-11-17T09:00:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91093"},"modified":"2025-11-17T12:05:44","modified_gmt":"2025-11-17T09:05:44","slug":"cardano-holder-loses-6-million-in-30-seconds","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cardano-holder-loses-6-million-in-30-seconds\/","title":{"rendered":"Cardano Holder Loses $6 Million in 30 Seconds"},"content":{"rendered":"<p>A Cardano wallet, dormant for five years, suddenly became active and inadvertently exchanged 14.4 million ADA for the Anzens (USDA) &#8220;stablecoin&#8221; through an illiquid pool. The incident was highlighted by on-chain investigator ZachXBT.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"investigations\/288\" data-width=\"100%\"><\/script><\/p>\n<p>The user executed the transaction in two steps: first, a test transfer of 4437 ADA, followed 33 seconds later by the main exchange of 14.4 million ADA valued at $6.9 million. Due to the pool&#8217;s low liquidity, the stablecoin&#8217;s price spiked sharply from $1.03 to $4.8.<\/p>\n<p>At the time of writing, the USDA rate stands at $1.03.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"403\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a6ed427bc6c88086-9762193321082378-1024x403.png\" alt=\"image\" class=\"wp-image-269855\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a6ed427bc6c88086-9762193321082378-1024x403.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a6ed427bc6c88086-9762193321082378-300x118.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a6ed427bc6c88086-9762193321082378-768x302.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a6ed427bc6c88086-9762193321082378-1536x604.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-a6ed427bc6c88086-9762193321082378.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/anzens-usda\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>As a result, the Cardano holder lost $6.05 million. ZachXBT dubbed him the &#8220;on-chain clown of the month.&#8221; Prior to the incident, the wallet had been inactive since September 13, 2020.<\/p>\n<p>Notably, the funds originated from the network&#8217;s genesis block, created on September 23, 2017, as discovered by a user known as bobcorn.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I looked into the address that sold the 14M <a href=\"https:\/\/twitter.com\/search?q=%24ADA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ADA<\/a> and it was funded by the Genesis Block, the first Cardano transaction ever on 9-23-2017<\/p>\n<p>Full details below. This post is also sponsored by the Pulse Presale in quoted tweet make sure to check them out once you&#8217;re done reading.\u2026 <a href=\"https:\/\/t.co\/UcKiMg9HkG\">https:\/\/t.co\/UcKiMg9HkG<\/a> <a href=\"https:\/\/t.co\/0FB23H9C46\">pic.twitter.com\/0FB23H9C46<\/a><\/p>\n<p>\u2014 bobcorn (@bobcorn_ada) <a href=\"https:\/\/twitter.com\/bobcorn_ada\/status\/1990230928124457072?ref_src=twsrc%5Etfw\">November 17, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Criticism of Cardano<\/h2>\n<p>The community showed little sympathy for the affected user. Members criticized Cardano for lacking a developed infrastructure for stablecoins and its support from the project.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This kind of incident should never happen again, it could easily freeze up the Cardano DeFi market!<\/p>\n<p>I think we need to push forward with a \u201cStablecoin DeFi Liquidity Budget\u201d as soon as possible to bring in more stablecoin liquidity. <a href=\"https:\/\/t.co\/hEv38LEpJV\">https:\/\/t.co\/hEv38LEpJV<\/a><\/p>\n<p>\u2014 dori (@dori_coin) <a href=\"https:\/\/twitter.com\/dori_coin\/status\/1990271824526200901?ref_src=twsrc%5Etfw\">November 17, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Such incidents should not recur\u2014they can paralyze the entire <\/em><a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentralised-finance-defi\"><em>DeFi<\/em><\/a><em> market in the Cardano ecosystem!&#8221; wrote a developer known as dori.<\/em><\/p>\n<\/blockquote>\n<p>A community member under the pseudonym Cardano YODA also <a href=\"https:\/\/x.com\/i\/trending\/1990106126612856894\">emphasized<\/a> the importance of &#8220;stablecoins&#8221; for the decentralized finance sector. He urged the blockchain platform&#8217;s leadership &#8220;not to delay decision-making.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The bull market has lasted a year, yet we cannot allocate even a few tens of millions to DeFi. We urgently need to restore governance functionality: elect a new board member and approve a proposal on the blockchain. [\u2026] We are creating cutting-edge technology, but without users, liquidity, and volumes, we have no chance to stand out against competitors,&#8221; the user stated.<\/em><\/p>\n<\/blockquote>\n<p>The team behind USDA, Anzens, <a href=\"https:\/\/x.com\/AnzensOfficial\/status\/1990187417177923695\">shared<\/a> a similar view, issuing a statement regarding the incident.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;This case demonstrates the demand for stablecoins in the Cardano ecosystem. We urge the community to participate in building liquidity for native fiat-pegged coins on Cardano,&#8221; the developers noted.<\/em><\/p>\n<\/blockquote>\n<p>At the time of writing, 11 stablecoins operate within the Cardano ecosystem, six of which are issued on the network itself. The total capitalization of &#8220;stablecoins&#8221; amounts to $39 million.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"302\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-36cd9fa761b05944-9762245523788626-1024x302.png\" alt=\"image\" class=\"wp-image-269856\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-36cd9fa761b05944-9762245523788626-1024x302.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-36cd9fa761b05944-9762245523788626-300x88.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-36cd9fa761b05944-9762245523788626-768x226.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-36cd9fa761b05944-9762245523788626-1536x452.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-36cd9fa761b05944-9762245523788626.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/defillama.com\/stablecoins\/cardano\">DefiLlama<\/a>.<\/figcaption><\/figure>\n<p>In comparison, Ethereum&#8217;s figure <a href=\"https:\/\/defillama.com\/stablecoins\/ethereum\">exceeds<\/a> $165 billion, while Solana&#8217;s is <a href=\"https:\/\/defillama.com\/stablecoins\/solana\">$13 billion<\/a>.<\/p>\n<p>Back in August, ZachXBT <a href=\"https:\/\/forklog.com\/news\/zachxbt-nazval-model-funkcionirovaniya-cardano-shemoy-obogashcheniya-insayderov\">described<\/a> Cardano&#8217;s operational model as an &#8220;insider enrichment scheme.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A dormant Cardano wallet suddenly exchanged 14.4 million ADA for the Anzens (USDA) &#8220;stablecoin&#8221; through an illiquid pool.<\/p>\n","protected":false},"author":1,"featured_media":91094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Cardano wallet exchanged 14.4 million ADA for Anzens (USDA) through illiquid pool, losing $6 million.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1401,1093,807],"class_list":["post-91093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cardano-ada","tag-defi","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"184","promo_type":"1","layout_type":"1","short_excerpt":"Cardano wallet exchanged 14.4 million ADA for Anzens (USDA) through illiquid pool, losing $6 million.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=91093"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91093\/revisions"}],"predecessor-version":[{"id":91095,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91093\/revisions\/91095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/91094"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=91093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=91093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=91093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}